Abir members’ workforce nearly 72% local
Almost three in four employees of a group of Bermuda's international insurance companies are local, a report released today finds.
The Association of Bermuda Insurers and Reinsurers said that the proportion of Bermudians, permanent residence certificate holders and spouses of Bermudians in its members' workforce hit a record high in the 15 years it has conducted the Abir Bermuda Economic Substance Survey.
The survey, which tracks 2019 calendar-year data, also found that Abir's member companies contributed more than $830 million to the Bermuda economy, up $15 million from 2018.
Abir members invested more than $131 million on local construction, real estate, housing and leasing.
The 26 member companies surveyed employed 1,515 full-time staff in Bermuda, of which 1,199 were Bermudians, spouses of Bermudians, or permanent residence certificate holders, which represents an increase of 46 Bermudian employees since 2018.
Abir members continue to offer Bermudian employees' competitive salaries, as evidenced by the 2019 salary and benefits median of $171,251.
“Abir member companies serve a global community, while being committed to the training and development of the local Bermuda workforce,” Albert Benchimol, chief executive officer of Axis Capital and chairman of Abir, said.
“The results show that our member companies employ a workforce that is nearly 80 per cent local, the highest percentage since we started this survey. Abir made a long-term commitment to diversity, equity, and inclusion, and we are seeing solid progress, as reflected in this year's survey results.
“We remain very proud to be a leading contributor of economic activity in Bermuda.”
The survey data tracks direct economic contributions across travel, business, charity giving, construction expenses and compensation paid to Bermudian-based employees.
Abir member company contributions include:
• $624 million in payroll to Bermudian-based employees
• $68 million on legal, accounting and actuarial, information technology, temporary services and other consulting services
• $20 million on hotels, airfare, restaurants, taxis and catering
• More than $6 million in charitable contributions to Bermudian organisations
Training and development efforts to strengthen Abir members' local workforce were reflected in the survey data:
• Abir members offered nearly 60 internships to Bermudians in 2019
• Educational scholarships in Bermuda totalled over $1.3 million for 2019
• Members continue to offer additional training and development opportunities, such as graduate training programmes, tuition reimbursement and leadership training
All Abir members have licensed operating companies in Bermuda, and 42 per cent have an ultimate holding company in Bermuda. Outside Bermuda, Abir members reported the top five locations for their global operations were: United Kingdom, United States, Switzerland, Ireland and Singapore.
“Our member companies are experts in insuring against catastrophic losses, climate and cyber-risks, while remaining committed to investing in the people and economy of Bermuda,” John Huff, Abir's chief executive, said. “I'm so proud of our 15-year record of success as detailed in this annual survey.”
“I want to highlight the additional support that Abir members have provided through their charitable giving during this global pandemic,” Mr Huff added. “During the first six months of 2020, Abir member companies contributed $3.1 million of support for Bermuda charities.
“We are here today, and we'll be here tomorrow. Regardless of the challenge, Abir stands ready to meet it with the support of our strong Bermuda workforce.”
UPDATE: this article has been changed to reflect a correction issued by Abir regarding the number and percentage of locals employed by the organisations member companies. The original estimate of almost 80 per cent has been corrected to 72 per cent.